Prime Minister Pham Minh Chinh receives leaders of Australian economic groups

At the meetings, Prime Minister Pham Minh Chinh highly appreciated the effective investment and business activities of the corporations; welcomed the corporations that have been planning to invest in Vietnam; requested the corporations, in the process of researching and implementing specific cooperation projects, to closely coordinate with ministries, branches, Vietnamese enterprises and relevant partners to carry out activities in accordance with regulations, apply modern technology, increase support and technology transfer, and bring Vietnamese enterprises deeper into the global supply chain.

The Prime Minister said that Vietnam is committed to creating all favorable conditions for corporations to invest and do business effectively and sustainably in Vietnam; always protecting the legitimate and legal rights and interests of investors.

Prime Minister Pham Minh Chinh received Mr. Lu Yi-hua, Chief Representative of Asia-Pacific region of Corio Company, Macquarie Group.

* During a meeting with the leaders of Corio Company, a member of Macquarie Group - a multi-industry, multinational financial group, operating mainly in the field of financial investment and infrastructure development, with total assets under management of more than 573.5 billion USD, the company's leaders said that Corio has participated in researching and developing a number of renewable energy projects in Vietnam since 2019, wishing to invest in developing offshore wind power in Vietnam.

The company is coordinating with a number of partners to mobilize resources; cooperating with Vietnamese partners, working with ministries, branches and localities of Vietnam and taking steps to prepare for investment, but the project has not yet been implemented due to problems with processes and procedures; requesting the Prime Minister to direct ministries and branches to promote the project.

Prime Minister Pham Minh Chinh said that in 2023, Vietnam approved the Power Plan VIII, creating an important legal basis to continue attracting foreign investment capital for electricity, renewable energy and energy conversion projects.

According to Prime Minister Pham Minh Chinh, the Government has agreed to conduct a pilot survey to develop offshore wind power, assigned Deputy Prime Minister Tran Hong Ha to direct; requested the Ministry of Planning and Investment, the Ministry of Industry and Trade and relevant ministries and branches to guide and simplify procedures to promote the project of Corio Company.

Prime Minister Pham Minh Chinh said that electricity has 5 stages including power source, power load, power distribution, power use and power price. The Prime Minister asked Corio Company to closely coordinate with relevant ministries, branches and partners in Vietnam to implement steps so that the project can soon become a reality, bringing practical benefits to both sides in the spirit of "harmonious benefits, shared risks".

Noting that the parties should carefully study the feasibility aspects of the project, especially the production cost and electricity consumption market, Prime Minister Pham Minh Chinh suggested that Corio Company transfer wind power industry technology to Vietnam; cooperate with experienced and capable Vietnamese enterprises such as the Vietnam Oil and Gas Group (PVN) to reduce production costs.

Prime Minister Pham Minh Chinh received Mr. Ian Jeffrey Gandel, Chairman of ASM Group (2000). Photo: VGP/Nhat Bac

* Prime Minister Pham Minh Chinh had meetings with Mr. Ian Jeffrey Gandel, Chairman of ASM Group - an emerging Australian group in the mining sector and Mr. Oliver Kleinhempel, Chairman of EQ Resources Group - a leading Australian group in the production and distribution of tungsten - one of the important raw materials that plays an essential role in the production of electrical and electronic products. These are two groups that are exploring opportunities and wishing to invest in exploiting and developing the mineral supply chain in Vietnam.

At the meetings, the Prime Minister said that Vietnam has relatively large reserves and types of minerals, which are being assessed by many partners as having great potential, and that Vietnam has been developing plans and selecting partners to invest in and develop the mineral exploitation and processing industry.

Prime Minister Pham Minh Chinh received Mr. Oliver Kleinhempel, Chairman of EQ Resources Group.

Prime Minister Pham Minh Chinh asked corporations to research and develop feasible and effective mineral exploitation and deep processing projects in Vietnam; apply high technology and protect the environment; transfer mineral exploitation and processing technology to Vietnam; support, consult and join Vietnam in developing the global mineral and metal supply chain.

Agreeing with the Prime Minister's opinions, the Chairman of ASM Group and the Chairman of EQ Resources Group said that they will closely coordinate with ministries, branches, Vietnamese enterprises and relevant partners to implement in accordance with regulations, in the spirit of "harmonious benefits and shared risks" as stated by the Prime Minister.

Prime Minister Pham Minh Chinh received Mr. Paul Serra, CEO of SunRice Group.

* The Prime Minister also had a meeting with the leaders of SunRice Group - the largest rice production and distribution group in Australia, accounting for about 90% of the country's rice market share. At the meeting, Mr. Paul Serra - CEO of SunRice Group said that since 2008, the group has cooperated and invested in Vietnam. SunRice Group's revenue in 2023 will reach about 1.64 billion USD.

Since 2022, SunRice has been coordinating the implementation of the project “Developing a high-quality rice supply chain in the Mekong Delta” with the goal of developing high-yield and high-quality varieties as well as sustainable varieties to serve the international consumer market. The Group wishes to expand its investment in Vietnam in the near future.

Prime Minister Pham Minh Chinh said that Vietnam is implementing a green transformation strategy, developing green and clean production, especially in the agricultural sector; highly appreciated SunRice Group for implementing projects in Vietnam and welcomed the group to continue expanding its investment in Vietnam.

Prime Minister Pham Minh Chinh suggested that the Group continue to work directly with and support Vietnamese farmers in agricultural production; seek Vietnamese partners to stabilize input and output for products, increase added value, improve product value, and production efficiency; invest in warehouses, promote e-commerce; support and join Vietnam in participating in the global supply chain.

In particular, Prime Minister Pham Minh Chinh asked the Group to advise and join Vietnam in implementing the Project "Sustainable development of 1 million hectares of high-quality, low-emission specialized rice associated with green growth in the Mekong Delta by 2030". In addition to cooperation in rice production, the Group cooperates and invests in developing the halal food industry in Vietnam; invests in the aquatic, seafood, fruit industries, etc., especially in the Mekong Delta and the Central Highlands of Vietnam.

Prime Minister Pham Minh Chinh emphasized that Vietnam and Australia have upgraded their relationship to a comprehensive strategic partnership, and called on corporations to cooperate and invest long-term, stably and sustainably in Vietnam in the spirit of “heart to heart” and “harmonious benefits and shared risks”.

Prime Minister Pham Minh Chinh visits the hydrogen project model in Australia of SK Group (Korea).

* Earlier, in the afternoon of the same day, Prime Minister Pham Minh Chinh visited the hydrogen project model in Australia of SK Group (South Korea) - which is looking to invest in a project to exploit LNG gas and produce hydrogen in Vietnam.

Prime Minister Pham Minh Chinh said that Vietnam is focusing on implementing a green transition strategy, including energy transition, and fulfilling its commitment to achieving zero net emissions by 2050; SK's investment plan is in line with Vietnam's policy.

According to the Prime Minister, Vietnam has advantages and experience in the gas and oil exploitation industry and has large gas reserves. Vietnam prioritizes LNG exploitation projects for electricity production, which will then serve hydrogen production.

Prime Minister Pham Minh Chinh said that many corporations want to cooperate and invest in Vietnam and Vietnam will choose based on the spirit of respecting market mechanisms and competition rules. The Prime Minister asked SK Group to coordinate with experienced and potential Vietnamese partners to promptly prepare the project and submit it to competent authorities for consideration; and asked SK to develop a long-term investment strategy in Vietnam.

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